EMI Moratorium Latest News: These banks have good news for their loan borrowers - Check full list here
An average Indian who had taken a home or an auto loan and a farmer under the stress of a crop loan from banks and NBFCs heaved a sigh of relief when the Reserve Bank of India (RBI) directed the lenders to put a halt on the instalment payments till the end of May.
An average Indian who had taken a home or an auto loan and a farmer under the stress of a crop loan from banks and NBFCs heaved a sigh of relief when the Reserve Bank of India (RBI) directed the lenders to put a halt on the instalment payments till the end of May. RBI Governor Shaktikanta Das on Friday announced a three month moratorium on EMIs of all term loans due during March 1 to May 31 and said that the repayment schedule for all those loans would be shifted by three months after the moratorium.
Now, banks have started following the RBI's decisions. Here is the list of he banks which have given the benefit to their customers issuing statement in this regard - Check full list and statement details:-
EMIs of housing loan, vehicle loans, MSME loans and payment of all other term loans falling due after 1st March 2020 and upto 31st May 2020 have been deferred by 3 months.
Indian Bank allows a moratorium by deferring payment of EMI/ Term Loan Instalments & Interest/ Interest on Working Capital for 3 months wef 1st March 2020.
Punjab and Sindh Bank:
As a Special dispensation, deferment of instalments for the month of March, April and May 2020 towards your loan accounts is available.
IDBI Bank extends moratorium on Term Loan instalments/interest and deferment of interest on working capital loans of borrowal accounts for 3 months.
Bank of Baroda:
Bank of Baroda is providing a moratorium of 3 months on payment of all instalments falling due between 01.03.20 & 31.05.20 for all term loans including Corporate, MSME, Agriculture, Retail, Housing, Auto, Personal loans, etc. in pursuance of the RBI COVID-19 Regulatory Package.
In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly.
Indian Overseas Bank:
Indian Overseas Bank borrowers are eligible for moratorium/ deferment of installments/EMIs for Term loans falling due from 01.03.2020 to 31.05.2020.
RBI's EMI circular
"In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) are permitted to grant a moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020," said the RBI's circular to all banks and non-banking financial companies.
"The repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratoriumperiod. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period," it said.
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